Courtesy of Chris Kimble.
Last week the Power of the Pattern reflected that Gold could fall to the $1,300 level on a break of rising support, reflected in the chart below. (see post here)
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CBS market watch suggests Gold’s death cross may not be its only problem (see article here)
The Power of the Pattern plus extreme traders positions suggest that another metal could be in big trouble!
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Platinum is up almost 50% since last fall. The rally took it back to its 2010 highs, creating what might be a double top, where other resistance lines come into play. At the same time, traders have one of the largest long exposures to this metal in years.
This pattern and extreme positions by traders could slam Platinum on a break of support! Keep an eye on this key metal and Old Doc Copper, as he isn’t looking to healthy either (See Doc Copper not looking healthy post here)
Should Copper and Platinum break down….a global message is most likely being sent!
If you would like to see how Premium members are looking to take advantage of the weakness in Platinum and Copper, send us an email to services@kimblechartingsolutons.com or click on the box below and we will send you a chart on how we are playing a potential large decline in these metals.
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